June 30, 2016

PEP Continues Expansion Into the Northeast

Pierce Education Properties today announces the purchase of The Reserve at Athens - a premier off-campus student housing community serving students at the University of Georgia (UGA). Acquisition was completed on June 30, 2016, with debt financing provided by KeyBank Real Estate.

The Reserve at Athens is a 612-bed, 200-unit community nestled in a forested area just west of UGA's campus in Athens. The Athens Transit Bus Line provides quick transportation service to campus,a nd the proeprty offers an additional dedicated "Night Life Shuttle" service to downtown Athens. This state-of-the-art, garden-style, gated, fully-furnished community features spacious two and four bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers, balconies, ceiling fans, and walk-in closets. Community amenities include a resort-style salt water pool with hot tub and sun deck, cook-out and lounge areas, 24-hour state-of-the-art fitness center, outdoor basketball court, lighted tennis courts, game room, and high speed wireless internet throughout the complex.

UGA was the firtst state-chartered school in America in 1785. U.S. News rated the town of Athens as one of the best college towns in the country. UGA'a Risk and Insurance Program and Real Estate Program at The Terry College of Business are ranked #2 and #3 in the nation, respectively, by U.S. News & World Report. The UGA Bulldogs compete in teh NCAA Division I Southeastern Conference (SEC) and have accumulated 41 total National Championships and 151 Conference Championships. UGA houses over 8,100 students on campus in a variety of different-style communities along with another 1,600 student in Greek Housing. Enrollment continues to grow at UGA, increasing from around 33,600 in 2013 to over 36,000 today.

"Our acquisition of The Reserve at Athens further expands our reach in the Southeast Region, where we currently own seven other student housing communities at the University of Florida, East Carolina University, and West Virginia University," said PEP President & CEO Fred Pierce. "The University of Georgia becomes our third campus in the SEC where we would very much like to expand our footprint."